Goldman Sachs removes Flex from the conviction list

0
81

[ad_1]

Goldman Sachs maintained its optimistic stance on tech maker Flex this week, but removed the stock from its list of convictions.

The analyst

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Mark Delaney has a buy rating on & nbsp;Flex Ltd(NASDAQ: TO BEND) and raised the price target from $ 13 to $ 14. & nbsp; "data-reactid =" 20 "> Mark Delaney received a purchase rating from Flex Ltd (NASDAQ: FLEX) and raised the price target from $ 13 to $ 14.

The thesis

<p class = "canvas-atom canvas-text MB (1.0em) MB (0) – SM MB (0.8em) – SM" type = "text" content = "Goldman Sachs continues to expect Flex to improve margins, Delaney said in a Thursday announcement that earnings per share will increase over time due to increasing exposure to markets such as medicine, auto, and industry (see his track record) Here.) "data-reactid =" 22 "> Goldman Sachs continues to expect Flex to improve margins and earnings per share over time as exposure to markets such as medicine, auto and industry increases, Delaney said in a Thursday announcement. (See his track record here.)

The company's EPS estimates are unchanged and roughly match those of the street, the analyst said.

Flex was added to Goldman's list of convictions in June and deleted on Thursday. During that time, the stock rose 37%, while the S&P 500 gained 15%.

“The increase in the share price was mainly due to a higher multiple as Flex was able to expand margins and improve its mix. While the P / E multiple discount is no longer as significant compared to the past as it was in June (when Flex was trading on the 8X NTM Street EPS compared to the historic area of ​​7X-15X), the current one was 9.5 times the value of the stock is still below the historical average of 10-11X, and the stock is still below the average of CY20 EPS, ”said the analyst.

Price action

Flex shares fell 1.84% to $ 12.54 at the time of publication. The stock has a 52-week high of $ 12.87 and a 52-week low of $ 7.35.

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Related links:"data-reactid =" 28 ">Related links:

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Goldman Sachs upgrades solar stocks for residential property"data-reactid =" 29 ">Goldman Sachs upgrades solar stocks for residential property

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Goldman Sachs upgrades United Rentals for purchase and raises the target price to 5"data-reactid =" 30 ">Goldman Sachs upgrades United Rentals for purchase and raises the target price to 5

Latest ratings for FLEX

date firm action Of To
January 2020 Entertains to buy
Jun 2019 upgrades Neutral to buy
May 2019 upgrades Neutral overweight

<p class = "Canvas-Atom Canvas-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Show more Analyst Reviews for FLEX
Show most recent analyst ratings "data-reactid =" 34 "> Show more analyst ratings for FLEX
Check out the latest analyst ratings

0

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "More from Benzinga"data-reactid =" 36 ">More from Benzinga

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved."data-reactid =" 41 ">© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.